Marketing mix
Learn about the fundamentals of the marketing mix. Product, price, placement and promotion - the four P's that shape your company's path to market success.
What is marketing mix?
The marketing mix is a strategy companies use to map out some of the key elements of their marketing plan. The strategy consists of four main elements, also known as the four Ps. These four P's represent Product, Price, Place (distribution) and Promotion, and they form the basis of how the company plans to reach its customers and achieve success in the marketplace.
The four P's
- Product refers to everything that has to do with the physical product or service the company offers. This includes everything from appearance, design and functions to quality.
- Price. This P refers to the company's pricing strategy for what they are going to sell. Here, you need to determine what kind of price to set in order to maximize profitability, but you should also include payment options and any discounts/sales.
- Placement. Put simply, placement is about how the product or service will be distributed to customers.
- Promotion. Promotion refers to all activities related to the promotion of the product/service.
Together, these four P's make up a clear marketing strategy that aims to meet customers' needs and wants.
